lantana coast villas - loopnet · 2019. 5. 13. · 209-211 n. lake, 210-212 n oak martin goldstein...

209-211 N. Lake, 210-212 N Oak

Martin Goldstein 561-310-0935

Russell Goldstein561-503-3648

4 Multi-Family Units in beautiful Lantana, FL

Lantana Coast Villas

Overview

Comprising 4 spacious, fully updated units in the heart of one of Palm Beach County’s most desirable residential rental

markets, these adjacent duplexes are part of a class of properties comprising the backbone of the Palm Beach County

Rental market. Featuring excellent waterside locations, renovated interiors, durable, full CBS construction, and plentiful

off-street parking, these adjacent buildings form an ideal prospect for those seeking long term reliable cash flow in the

South Florida Multifamily Market.

Interiors feature renovated kitchens, bathrooms, floors, appliances, as well as electrical and plumbing updates. Coupled

with an excellent tenant pool owed to the quiet residential surrounding area, the buildings present as a stable asset

setup with substantial rental upside over the long term. Units offer spacious layouts, with off-street parking available for

all units. All apartments have cost effective wall or window-unit air-conditioning throughout.

In the past decade, Lake Worth has been undergoing a significant period of revitalization, with Lantana benefitting

greatly from these improvements. The last 2 years and coming 5 years showing the most progress and potential

respectively. Several huge infrastructure projects are underway that include widening and resurfacing of dozens of Lake

Worth’s streets, completion of Lake Worth ONE Luxury Condominiums in downtown, recent completion of new Art

Studio Loft Apartments along Lake Ave, new modern commercial space at the west end of Downtown Lake Worth

containing Starbucks and Publix, and the expansion of pedestrian and bike lane infrastructure throughout the city.

All of these projects are either directly in the subject property’s area or mere blocks away, demonstrating this

neighborhood’s continued viability over the near and long term. Rents have been steadily increasing in the Palm Beach

County, specifically the Lake Worth Market, for several years. As the population grows and the supply of housing

remains relatively constant, demand has been historically shown to healthily sustain and grow over the near and long

term.

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com

Excellent desirable location, renovated interiors, CBS construction, waterside location, excellent investor value!



Asset Overview:o Current Cap Rate: 5.07%

o Market Rents bring cap to 5.78%

o Price: $875,000

o Address: 209-211 N. Lake & 210-212 N Oak

o Properties are on 2 contiguous lots and share a

backyard, essentially the same complex.

o 4 Units total

o 3 Spacious 1BR, 1 BA Units

o 1 Large 2BR unit!

o Incredible intracoastal location, just steps from

the water and minutes from Palm Beach Island!

o Direct intracoastal access, just steps away from

Lyman Park!!

o Lantana is one of the most desirable locales in

the area.

o Excellent growth prospects for this area through

myriad infrastructure improvements and new

high end apartments and condos.

o Completed and Occupied local projects include:

o Lake Worth ONE Luxury Condos

o Downtown Art Lofts

o Newly occupied modern commercial

space at Lake Ave and US1.

o Excellent fundamentals.

o Low maintenance CBS and frame

construction

o Desirable, central location

o Excellent long term growth

prospects!

o Centrally located to all the area’s most popular

employment centers including:

o West Palm Beach

o Boynton/Delray

o Palm Beach Island

o Also located close to:

o US HWY 1

o I-95

o Florida’s Turnpike

o Excellent capitalization rate for this market with

massive near and long term rental rate upside.

Subject

Properties

Intracoastal Bridge

Asset Snapshot

Intracoastal WaterwayManalapan, Atlantic Coast

Old Key Lime

House RestaurantPalm Beach and

Hypoluxo Island

Downtown Lake Worth

Lantana, FL



Aerial

Intracoastal Waterway

Palm Beach Island

Atlantic Coast

Subject

Properties

Downtown Lake Worth

Water Tower Commons


1 Mile


Town of Lantana, Florida – Locale Overview

• Located along the intracoastal water in Coastal Palm Beach County,

Lantana FL successfully maintains a unique small town feel while

simultaneously being located in the middle of all that waterside living

in South Florida has to offer.

• These four units are located less than a half block from Lyman Park,

and a short walk to Florida’s oldest and most popular waterfront

restaurant – The Old Key Lime House (open since the late 1800s).

• These two duplexes are surrounded on nearly all sides by new, Class

A developments and high end condominiums.

• Just a mile west of these properties can be found a new development

project known as Water Tower Commons. Plans call for a 360-unit

market-rate rental development with a completion date of 2020,

according to a press release. The site was also approved for more

than 340,000 square feet of commercial space, and was purchased

by the Related Group in late 2018.

• National brands with significant presence in the town include:

• 7-Eleven

• Publix

• AutoZone

• Subway

• Sunoco

• T-Mobile and other mobile carriers

• Massive future development potential throughout this area!


Finance

Revenues Current Rents Pro Forma

Monthly Rents 4,450.00 5,562.50

Annualized Income 53,400.00 66,750.00

Expenses (Annual)

Real Estate Taxes 5,370.00 12,500.00

Insurance 1,260.00 1,260.00

Water 1,440.00 1,440.00

Lawn 960.00 960.00

Total Annual 9,030.00 16,160.00

Net Operating Income 44,370.00 50,590.00

List Price 875,000.00 875,000.00

Capital ization Rate 5.07% 5.78%

Cash on Cash Return

Purchase Price 875,000.00 875,000.00

Down Payment 175,000.00 175,000.00

Total Leverage 700,000.00 700,000.00

Debt Service Expense (4.6% int) 32,200.00 32,200.00

NOI With Debt Service 12,170.00 18,390.00

Cash on Cash Return 6.95% 10.51%



Contact Listing Agents

For more information or to schedule a property tour please do not hesitate to contact

us at the numbers and/or email addresses below:

Martin Goldstein, Lic. Real Estate Broker

[email protected]

561-310-0935

Russell Goldstein

[email protected]

561-503-3648

lantana coast villas - loopnet · 2019. 5. 13. · 209-211 n. lake, 210-212 n oak martin goldstein...

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